Blackstone : First Quarter 2020 SUPPLEMENTAL FINANCIAL DATA

Blackstone's

First Quarter 2020

Supplemental

Financial Data

April 23, 2020

Effective January 1, 2020, Blackstone updated its calculation methodology for Weighted-AverageFee-Earning Assets Under Management as follows:

quarterly amounts are calculated as the average of the beginning and end of quarter Fee-Earning Assets Under Management with year to date and last twelve months amounts calculated as the average of the beginning of period balance and each quarter end's Fee-Earning Assets Under Management in the calculation period. Prior periods have not been recast for this update.

Throughout this presentation, all current period amounts are preliminary.

Total Segments

																												Last Twelve Months
($ in thousands)		1Q'17		2Q'17		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		1Q'19			1Q'20
Management and Advisory Fees, Net
Base Management Fees	$	642,958	$	671,368	$	669,902	$	696,163 $	707,156	$	692,915	$	721,606	$	722,648	$	757,518	$	805,315	$	809,729	$	873,368	$	910,396	$	2,894,687		$	3,398,808
Transaction, Advisory and Other Fees, Net		40,222		38,892		32,295		45,407	37,066		40,912		73,944		77,576		65,150		61,495		92,702		95,073		50,665		257,582		299,935
Management Fee Offsets		(33,599)		(13,424)		(10,215)		(9,178)	(8,178)		(10,833)		(16,331)		(2,029)		(8,606)		(22,654)		(22,086)		(22,768)		(20,494)		(37,799)		(88,002)
Total Management and Advisory Fees, Net		649,581		696,836		691,982		732,392	736,044		722,994		779,219		798,195		814,062		844,156		880,345		945,673		940,567		3,114,470		3,610,741
Fee Related Performance Revenues		27,214		28,356		65,786		48,089	3,837		45,515		30,299		44,185		7,779		13,624		34,225		156,373		12,466	$	127,778		$	216,688
Fee Related Compensation		(274,078)		(292,511)		(307,017)		(312,033)	(296,074)		(306,243)		(334,545)		(279,284)		(324,031)		(293,834)		(329,834)		(388,879)		(346,264)	$	(1,244,103)	$	(1,358,811)
Other Operating Expenses		(96,462)		(105,838)		(106,617)		(115,949)	(107,092)		(122,466)		(128,745)		(130,025)		(123,311)		(142,121)		(144,351)		(161,359)		(138,885)	$	(504,547)	$	(586,716)
Fee Related Earnings	$	306,255	$	326,843	$	344,134	$	352,499	$	336,715	$	339,800	$	346,228	$	433,071	$	374,499	$	421,825	$	440,385	$	551,808	$	467,884	$	1,493,598		$	1,881,902
Realized Performance Revenues		1,131,245		615,043		404,721		1,496,798	278,371		477,544		572,159		483,697		246,769		341,386		420,840		651,647		167,233		1,780,169		1,581,106
Realized Performance Compensation		(373,978)		(201,526)		(148,808)		(573,299)	(114,829)		(172,894)		(190,773)		(199,645)		(85,240)		(125,466)		(143,870)		(249,359)		(71,302)		(648,552)		(589,997)
Realized Principal Investment Income		202,894		100,887		60,188		72,225	28,693		94,647		65,620		47,098		25,908		123,557		36,148		38,542		20,290		233,273		218,537
Total Net Realizations		960,161		514,404		316,101		995,724		192,235		399,297		447,006		331,150		187,437		339,477		313,118		440,830		116,221		1,364,890			1,209,646
Total Segment Distributable Earnings	$	1,266,416	$	841,247	$	660,235	$	1,348,223	$	528,950	$	739,097	$	793,234	$	764,221	$	561,936	$	761,302	$	753,503	$	992,638	$	584,105	$	2,858,488		$	3,091,548
Net Interest Income (Loss)		(10,954)		(6,591)		(2,864)		(29,509)	(1,853)		2,842		9,013		11,923		5,061		2,761		(7,767)		(2,496)		(3,941)		28,839		(11,443)
Taxes and Related Payables		(25,324)		(53,291)		(31,805)		(79,568)	(25,042)		(41,797)		(32,963)		(54,063)		(29,039)		(55,201)		(35,815)		(76,104)		(23,053)		(157,862)		(190,173)
Distributable Earnings	$	1,230,138	$	781,365	$	625,566	$	1,239,146	$	502,055	$	700,142	$	769,284	$	722,081	$	537,958	$	708,862	$	709,921	$	914,038	$	557,111	$	2,729,465		$	2,889,932
Additional Metrics:
Total Segment Revenues	$	2,010,934	$	1,441,122	$	1,222,677	$	2,349,504 $	1,046,945	$	1,340,700	$	1,447,297	$	1,373,175	$	1,094,518	$	1,322,723	$	1,371,558	$	1,792,235	$	1,140,556	$	5,255,690		$	5,627,072
Total Assets Under Management	368,196,917	371,056,281	387,449,746	434,128,243	449,613,826	439,386,656	456,691,832	472,242,317	511,777,762	545,482,337	554,022,343	571,122,463	538,007,285	511,777,762	538,007,285
Fee-Earning Assets Under Management	280,215,551	281,934,511	285,698,425	335,343,998	344,650,797	332,978,145	342,261,123	342,527,507	352,993,394	387,864,642	394,138,443	408,074,852	423,055,037	352,993,394	423,055,037
Weighted-AverageFee-Earning AUM	279,582,971	281,966,547	284,114,581	311,353,064	343,211,044	328,594,512	340,994,284	343,514,196	349,589,269	368,900,952	391,977,663	398,811,159	415,564,944	338,701,942		393,225,273
Inflows		13,957,050		12,071,484		19,698,890		62,228,299	18,179,358		20,089,250		24,065,920		38,641,083		42,907,124		45,111,109		20,391,003		25,968,043		27,312,508	125,703,377		118,782,663
Capital Invested		11,840,913		8,382,583		10,925,170		19,529,797	10,119,519		8,351,772		9,894,470		16,349,738		11,783,583		17,669,109		16,156,664		17,339,074		14,818,725		46,379,563			65,983,572
Realizations		16,617,830		11,096,295		8,821,579		18,650,793	6,256,855		8,303,204		10,718,646		8,781,928		8,260,193		10,594,391		9,747,968		11,599,274		6,388,694		36,063,971			38,330,327

Capital Invested has been updated for 2Q'19.

Blackstone | 1

Real Estate

																												Last Twelve Months
($ in thousands)		1Q'17		2Q'17		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		1Q'19		1Q'20
Management Fees, Net
Base Management Fees	$	197,879	$	227,865	$	224,048	$	222,399	$	226,526	$	249,680	$	254,088	$	255,105	$	260,245	$	255,636	$	266,779	$	333,523	$	371,438	$	1,019,118	$	1,227,376
Transaction and Other Fees, Net		21,279		16,087		20,616		24,799		23,088		23,859		45,678		59,888		23,911		23,990		73,385		54,545		23,024		153,336		174,944
Management Fee Offsets		(3,550)		(5,018)		(4,232)		(3,134)		(1,668)		(3,785)		(8,265)		2,276		(280)		(1,686)		(7,635)		(17,235)		(8,341)		(10,054)		(34,897)
Total Management Fees, Net		215,608		238,934		240,432		244,064		247,946		269,754		291,501		317,269		283,876		277,940		332,529		370,833		386,121		1,162,400		1,367,423
Fee Related Performance Revenues		3,342		4,877		50,551		20,730		4,503		45,515		30,299		44,185		6,676		11,072		30,600		149,889		4,551		126,675		196,112
Fee Related Compensation		(96,740)		(105,582)		(120,167)		(114,822)		(100,610)		(120,783)		(128,342)		(109,695)		(114,816)		(97,795)		(132,183)		(186,465)		(120,296)		(473,636)		(536,739)
Other Operating Expenses		(30,864)		(33,379)		(33,256)		(38,543)		(29,417)		(36,026)		(39,787)		(41,030)		(38,986)		(40,114)		(43,897)		(45,335)		(40,476)		(155,829)		(169,822)
Fee Related Earnings	$	91,346	$	104,850	$	137,560	$	111,429	$	122,422	$	158,460	$	153,671	$	210,729	$	136,750	$	151,103	$	187,049	$	288,922	$	229,900	$	659,610	$	856,974
Realized Performance Revenues		519,413		389,442		261,159		971,360		151,181		317,509		273,309		172,985		77,182		198,573		282,379		474,203		43,720		840,985		998,875
Realized Performance Compensation		(179,741)		(124,513)		(84,199)		(363,073)		(56,115)		(94,716)		(79,309)		(54,179)		(29,900)		(67,742)		(85,544)		(190,910)		(13,392)		(258,104)		(357,588)
Realized Principal Investment Income (Loss)		119,579		57,599		44,449		34,276		14,690		50,199		16,197		11,439		(2,131)		47,420		17,968		16,476		7,300		75,704		89,164
Total Net Realizations		459,251		322,528		221,409		642,563		109,756		272,992		210,197		130,245		45,151		178,251		214,803		299,769		37,628		658,585		730,451
Segment Distributable Earnings	$	550,597	$	427,378	$	358,969	$	753,992	$	232,178	$	431,452	$	363,868	$	340,974	$	181,901	$	329,354	$	401,852	$	588,691	$	267,528	$	1,318,195	$	1,587,425
Additional Metrics:
Segment Revenues	$	857,942	$	690,852	$	596,591	$	1,270,430	$	418,320	$	682,977	$	611,306	$	545,878	$	365,603	$	535,005	$	663,476	$	1,011,401	$	441,692	$	2,205,764	$	2,651,574
Total Assets Under Management	102,070,930	104,034,287	111,298,844	115,340,363	119,575,884	119,399,973	119,942,029	136,247,229	140,334,043	153,604,820	157,076,273	163,156,064	160,934,849	140,334,043	160,934,849
Fee-Earning Assets Under Management		71,904,741		73,710,243		75,081,521		83,984,824		87,284,578		88,776,501		90,772,735		93,252,724		94,223,034	112,287,094	116,749,305	128,214,137	130,424,462		94,223,034	130,424,462
Weighted-AverageFee-Earning AUM		72,268,792		73,320,319		74,340,895		77,626,395		86,670,284		88,050,906		90,280,123		92,086,794		94,392,083	101,945,422	113,636,265	120,246,037	129,319,299		90,777,939	116,379,605
Inflows		3,329,484		3,199,773		6,435,310		10,879,703		3,622,876		5,124,391		2,609,037		20,122,127		5,033,851		14,364,834		6,745,847		8,046,034		12,653,175		32,889,406		41,809,890
Capital Invested		2,651,965		2,379,922		3,841,972		11,008,356		4,342,936		4,600,382		4,053,615		5,729,441		3,090,432		3,933,090		8,165,206		7,269,297		5,328,987		17,473,870		24,696,580
Realizations		6,684,804		4,564,380		3,084,117		10,194,650		2,666,715		4,326,910		4,039,437		3,642,033		3,058,141		3,989,755		4,575,981		6,474,022		2,518,796		15,066,521		17,558,554

Blackstone | 2

Private Equity

																												Last Twelve Months
($ in thousands)		1Q'17		2Q'17		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		1Q'19		1Q'20
Management and Advisory Fees, Net
Base Management Fees	$	176,706	$	177,684	$	182,764	$	187,664	$	182,961	$	195,521	$	205,893	$	200,848	$	219,417	$	265,139	$	252,510	$	249,416	$	253,974	$	821,679	$	1,021,039
Transaction, Advisory and Other Fees, Net		16,176		17,289		8,748		15,411		11,094		12,780		21,709		12,582		37,291		31,526		14,657		31,700		21,413		84,362		99,296
Management Fee Offsets		(12,190)		(3,753)		(1,088)		(976)		(3,193)		(4,351)		(4,973)		(987)		(4,985)		(17,689)		(11,889)		(2,764)		(9,215)		(15,296)		(41,557)
Total Management and Advisory Fees, Net		180,692		191,220		190,424		202,099		190,862		203,950		222,629		212,443		251,723		278,976		255,278		278,352		266,172		890,745		1,078,778
Fee Related Compensation		(79,158)		(86,209)		(91,512)		(90,683)		(89,566)		(94,170)		(105,621)		(86,089)		(107,587)		(105,107)		(105,773)		(105,285)		(110,368)		(393,467)		(426,533)
Other Operating Expenses		(27,761)		(28,592)		(32,166)		(32,478)		(31,151)		(36,047)		(36,654)		(29,244)		(34,201)		(40,429)		(38,235)		(47,145)		(41,001)		(136,146)		(166,810)
Fee Related Earnings	$	73,773	$	76,419	$	66,746	$	78,938	$	70,145	$	73,733	$	80,354	$	97,110	$	109,935	$	133,440	$	111,270	$	125,922	$	114,803	$	361,132	$	485,435
Realized Performance Revenues		582,681		198,168		101,918		274,421		77,123		138,171		290,012		252,100		156,599		122,907		124,231		65,255		112,076		836,882		424,469
Realized Performance Compensation		(181,633)		(63,060)		(48,019)		(111,832)		(33,045)		(68,513)		(106,400)		(110,209)		(50,556)		(52,081)		(52,034)		(37,895)		(54,643)		(335,678)		(196,653)
Realized Principal Investment Income		81,294		41,168		7,077		25,298		6,338		32,600		44,408		26,385		25,139		42,906		11,977		10,227		10,347		128,532		75,457
Total Net Realizations		482,342		176,276		60,976		187,887		50,416		102,258		228,020		168,276		131,182		113,732		84,174		37,587		67,780		629,736		303,273
Segment Distributable Earnings	$	556,115	$	252,695	$	127,722	$	266,825	$	120,561	$	175,991	$	308,374	$	265,386	$	241,117	$	247,172	$	195,444	$	163,509	$	182,583	$	990,868	$	788,708
Additional Metrics:
Segment Revenues	$	844,667	$	430,556	$	299,419	$	501,818	$	274,323	$	374,721	$	557,049	$	490,928	$	433,461	$	444,789	$	391,486	$	353,834	$	388,595	$	1,856,159	$	1,578,704
Total Assets Under Management		99,707,057	100,019,716	102,453,979	105,560,576	111,414,214	119,524,518	126,184,368	130,665,286	158,988,748	171,171,687	173,858,400	182,886,109	174,695,883	158,988,748	174,695,883
Fee-Earning Assets Under Management		68,227,286		68,029,670		67,538,062		70,140,883		72,398,415		78,045,697		78,195,072		80,008,166		85,446,868		96,467,272		97,936,871		97,773,964	128,300,802		85,446,868	128,300,802
Weighted-AverageFee-Earning AUM		68,613,668		68,194,287		67,606,365		68,815,882		71,881,372		73,587,774		78,938,034		79,101,203		83,353,397		89,368,698		97,708,402		98,030,747	113,037,383		76,827,073	101,185,156
Inflows		2,623,672		1,731,553		3,248,138		5,027,743		3,534,463		6,282,722		6,997,499		9,825,279		28,471,460		16,806,806		3,254,530		8,303,774		8,868,851		51,576,960		37,233,961
Capital Invested		6,748,859		4,221,479		4,279,062		4,929,609		3,955,198		2,586,395		3,276,586		6,833,187		7,106,190		7,914,780		5,808,814		5,771,634		5,538,755		19,802,358		25,033,983
Realizations		6,167,300		2,795,612		2,392,756		4,405,059		1,041,784		2,058,727		4,033,482		3,262,618		3,742,658		4,678,685		2,812,162		2,307,409		2,031,106		13,097,485		11,829,362

Capital Invested has been updated for 2Q'19.

Blackstone | 3

Hedge Fund Solutions

																												Last Twelve Months
($ in thousands)		1Q'17		2Q'17		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		1Q'19		1Q'20
Management Fees, Net
Base Management Fees	$	128,468	$	128,698	$	129,410	$	129,472	$	129,228	$	129,553	$	129,554	$	131,447	$	137,328	$	136,990	$	140,694	$	141,718	$	139,656	$	527,882	$	559,058
Transaction and Other Fees, Net		259		1,696		48		977		345		812		766		1,257		318		723		691		1,801		758		3,153		3,973
Management Fee Offsets		-		-		(28)		(65)		-		-		-		(93)		-		-		(18)		(120)		(42)		(93)		(180)
Total Management Fees, Net		128,727		130,394		129,430		130,384		129,573		130,365		130,320		132,611		137,646		137,713		141,367		143,399		140,372		530,942		562,851
Fee Related Compensation		(37,865)		(39,278)		(37,450)		(32,331)		(39,639)		(40,533)		(43,443)		(38,557)		(42,954)		(36,622)		(38,898)		(33,486)		(46,191)		(165,487)		(155,197)
Other Operating Expenses		(16,379)		(16,318)		(17,958)		(17,610)		(18,785)		(18,494)		(20,753)		(19,740)		(17,885)		(21,112)		(20,495)		(22,507)		(18,667)		(76,872)		(82,781)
Fee Related Earnings	$	74,483	$	74,798	$	74,022	$	80,443	$	71,149	$	71,338	$	66,124	$	74,314	$	76,807	$	79,979	$	81,974	$	87,406	$	75,514	$	288,583	$	324,873
Realized Performance Revenues		14,684		6,995		14,217		118,447		10,177		7,270		3,985		20,987		4,091		11,960		1,848		108,677		1,767		36,333		124,252
Realized Performance Compensation		(4,171)		(2,008)		(3,588)		(30,940)		(2,923)		(2,546)		(1,922)		(14,401)		(1,413)		(2,175)		(1,000)		(19,713)		(945)		(20,282)		(23,833)
Realized Principal Investment Income (Loss)		(632)		225		1,316		8,165		640		7,766		2,024		6,609		(283)		12,306		1,480		8,204		(609)		16,116		21,381
Total Net Realizations		9,881		5,212		11,945		95,672		7,894		12,490		4,087		13,195		2,395		22,091		2,328		97,168		213		32,167		121,800
Segment Distributable Earnings	$	84,364	$	80,010	$	85,967	$	176,115	$	79,043	$	83,828	$	70,211	$	87,509	$	79,202	$	102,070	$	84,302	$	184,574	$	75,727	$	320,750	$	446,673
Additional Metrics:
Segment Revenues	$	142,779	$	137,614	$	144,963	$	256,996	$	140,390	$	145,401	$	136,329	$	160,207	$	141,454	$	161,979	$	144,695	$	260,280	$	141,530	$	583,391	$	708,484
Total Assets Under Management		73,303,381		72,476,444		74,219,563		75,090,834		78,657,551		77,403,078		80,005,136		77,814,516		80,182,772		81,435,680		81,154,390		80,738,112		73,720,792		80,182,772		73,720,792
Fee-Earning Assets Under Management		68,812,528		67,824,464		69,037,961		69,914,061		73,570,498		71,889,290		74,558,599		72,280,606		73,647,014		74,653,420		74,877,976		75,636,004		68,214,435		73,647,014		68,214,435
Weighted-AverageFee-Earning AUM		68,406,531		69,301,130		68,957,501		71,101,632		72,979,993		73,635,114		74,637,255		74,232,169		73,458,940		74,793,579		76,166,677		75,377,926		71,925,219		74,240,417		73,405,770
Inflows		3,640,680		1,968,985		2,412,443		4,084,363		3,940,614		2,995,023		3,702,238		2,640,452		2,568,943		3,812,651		3,164,093		2,697,168		3,246,661		11,906,656		12,920,573
Capital Invested		121,888		93,191		363,420		383,070		785,874		113,108		227,870		575,115		231,590		2,101,802		659,457		711,503		605,702		1,147,683		4,078,464
Realizations		503,191		185,929		101,503		1,619,362		56,072		126,015		70,986		218,858		186,558		296,126		305,905		483,379		138,987		602,417		1,224,397

Blackstone | 4

Credit & Insurance

																												Last Twelve Months
($ in thousands)		1Q'17		2Q'17		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		1Q'19		1Q'20
Management Fees, Net
Base Management Fees	$	139,905	$	137,121	$	133,680	$	156,628	$	168,441	$	118,161	$	132,071	$	135,248	$	140,528	$	147,550	$	149,746	$	148,711	$	145,328	$	526,008	$	591,335
Transaction and Other Fees, Net		2,508		3,820		2,883		4,220		2,539		3,461		5,791		3,849		3,630		5,256		3,969		7,027		5,470		16,731		21,722
Management Fee Offsets		(17,859)		(4,653)		(4,867)		(5,003)		(3,317)		(2,697)		(3,093)		(3,225)		(3,341)		(3,279)		(2,544)		(2,649)		(2,896)		(12,356)		(11,368)
Total Management Fees, Net		124,554		136,288		131,696		155,845		167,663		118,925		134,769		135,872		140,817		149,527		151,171		153,089		147,902		530,383		601,689
Fee Related Performance Revenues		23,872		23,479		15,235		27,359		(666)		-		-		-		1,103		2,552		3,625		6,484		7,915		1,103		20,576
Fee Related Compensation		(60,315)		(61,442)		(57,888)		(74,197)		(66,259)		(50,757)		(57,139)		(44,943)		(58,674)		(54,310)		(52,980)		(63,643)		(69,409)		(211,513)		(240,342)
Other Operating Expenses		(21,458)		(27,549)		(23,237)		(27,318)		(27,739)		(31,899)		(31,551)		(40,011)		(32,239)		(40,466)		(41,724)		(46,372)		(38,741)		(135,700)		(167,303)
Fee Related Earnings	$	66,653	$	70,776	$	65,806	$	81,689	$	72,999	$	36,269	$	46,079	$	50,918	$	51,007	$	57,303	$	60,092	$	49,558	$	47,667	$	184,273	$	214,620
Realized Performance Revenues		14,467		20,438		27,427		132,570		39,890		14,594		4,853		37,625		8,897		7,946		12,382		3,512		9,670		65,969		33,510
Realized Performance Compensation		(8,433)		(11,945)		(13,002)		(67,454)		(22,746)		(7,119)		(3,142)		(20,856)		(3,371)		(3,468)		(5,292)		(841)		(2,322)		(34,488)		(11,923)
Realized Principal Investment Income		2,653		1,895		7,346		4,486		7,025		4,082		2,991		2,665		3,183		20,925		4,723		3,635		3,252		12,921		32,535
Total Net Realizations		8,687		10,388		21,771		69,602		24,169		11,557		4,702		19,434		8,709		25,403		11,813		6,306		10,600		44,402		54,122
Segment Distributable Earnings	$	75,340	$	81,164	$	87,577	$	151,291	$	97,168	$	47,826	$	50,781	$	70,352	$	59,716	$	82,706	$	71,905	$	55,864	$	58,267	$	228,675	$	268,742
Additional Metrics:
Segment Revenues	$	165,546	$	182,100	$	181,704	$	320,260	$	213,912	$	137,601	$	142,613	$	176,162	$	154,000	$	180,950	$	171,901	$	166,720	$	168,739	$	610,376	$	688,310
Total Assets Under Management		93,115,549		94,525,834		99,477,360	138,136,470	139,966,177	123,059,087	130,560,299	127,515,286	132,272,199	139,270,150	141,933,280	144,342,178	128,655,761	132,272,199	128,655,761
Fee-Earning Assets Under Management		71,270,996		72,370,134		74,040,881	111,304,230	111,397,306		94,266,657		98,734,717		96,986,011		99,676,478	104,456,856	104,574,291	106,450,747		96,115,338		99,676,478		96,115,338
Weighted-AverageFee-Earning AUM		70,293,980		71,150,811		73,209,820		93,809,155	111,679,395		93,320,718		97,138,872		98,094,030		98,384,849	102,793,253	104,466,319	105,156,449	101,283,043		96,856,513	102,254,742
Inflows		4,363,214		5,171,173		7,602,999		42,236,490		7,081,405		5,687,114		10,757,146		6,053,225		6,832,870		10,126,818		7,226,533		6,921,067		2,543,821		29,330,355		26,818,239
Capital Invested		2,318,201		1,687,991		2,440,716		3,208,762		1,035,511		1,051,887		2,336,399		3,211,995		1,355,371		3,719,437		1,523,187		3,586,640		3,345,281		7,955,652		12,174,545
Realizations		3,262,535		3,550,374		3,243,203		2,431,722		2,492,284		1,791,552		2,574,741		1,658,419		1,272,836		1,629,825		2,053,920		2,334,464		1,699,805		7,297,548		7,718,014

Blackstone | 5

Total Segments

($ in thousands)		2015		2016		2017		2018		2019
Management and Advisory Fees, Net
Base Management Fees	$	2,196,583	$	2,397,779	$	2,680,391	$	2,844,325	$	3,245,930
Transaction, Advisory and Other Fees, Net		461,816		144,858		156,816		229,498		314,420
Management Fee Offsets		(93,494)		(79,644)		(66,416)		(37,371)		(76,114)
Total Management and Advisory Fees, Net		2,564,905		2,462,993		2,770,791		3,036,452		3,484,236
Fee Related Performance Revenues		101,119		101,430		169,445		123,836		212,001
Fee Related Compensation		(1,136,083)		(1,054,438)		(1,185,639)		(1,216,146)		(1,336,578)
Other Operating Expenses		(448,575)		(431,836)		(424,866)		(488,328)		(571,142)
Fee Related Earnings	$	1,081,366	$	1,078,149	$	1,329,731	$	1,455,814	$	1,788,517
Realized Performance Revenues		3,299,503		1,545,586		3,647,807		1,811,771		1,660,642
Realized Performance Compensation		(829,838)		(483,257)		(1,297,611)		(678,141)		(603,935)
Realized Principal Investment Income		418,808		199,869		436,194		236,058		224,155
Total Net Realizations		2,888,473		1,262,198		2,786,390		1,369,688		1,280,862
Total Segment Distributable Earnings	$	3,969,839	$	2,340,347	$	4,116,121	$	2,825,502	$	3,069,379
Net Interest Income (Loss)		(44,181)		(51,623)		(49,918)		21,925		(2,441)
Taxes and Related Payables		(90,470)		(167,149)		(189,988)		(153,865)		(196,159)
Distributable Earnings	$	3,835,188	$	2,121,575	$	3,876,215	$	2,693,562	$	2,870,779
Additional Metrics:
Total Segment Revenues	$	6,384,335	$	4,309,878	$	7,024,237	$	5,208,117	$	5,581,034
Total Assets Under Management	336,384,575	366,553,465	434,128,243	472,242,317	571,122,463
Fee-Earning Assets Under Management	246,146,372	277,092,672	335,343,998	342,527,507	408,074,852
Weighted-AverageFee-Earning AUM	240,378,333	264,986,623	289,116,993	338,819,012	375,416,357
Inflows		93,584,676		69,660,775	107,955,723	100,975,611	134,377,279
Capital Invested		32,355,310		23,275,410		50,678,463		44,715,499		62,948,430
Realizations		42,670,111		39,383,839		55,186,497		34,060,633		40,201,826

Blackstone | 6

Real Estate

($ in thousands)		2015		2016		2017		2018		2019
Management Fees, Net
Base Management Fees	$	668,575	$	795,161	$	872,191	$	985,399	$	1,116,183
Transaction and Other Fees, Net		110,577		95,324		82,781		152,513		175,831
Management Fee Offsets		(26,840)		(7,322)		(15,934)		(11,442)		(26,836)
Total Management Fees, Net		752,312		883,163		939,038		1,126,470		1,265,178
Fee Related Performance Revenues		10,459		18,178		79,500		124,502		198,237
Fee Related Compensation		(350,745)		(379,331)		(437,311)		(459,430)		(531,259)
Other Operating Expenses		(125,513)		(137,581)		(136,042)		(146,260)		(168,332)
Fee Related Earnings	$	286,513	$	384,429	$	445,185	$	645,282	$	763,824
Realized Performance Revenues		1,641,427		1,214,931		2,141,374		914,984		1,032,337
Realized Performance Compensation		(487,497)		(335,147)		(751,526)		(284,319)		(374,096)
Realized Principal Investment Income		235,582		122,712		255,903		92,525		79,733
Total Net Realizations		1,389,512		1,002,496		1,645,751		723,190		737,974
Segment Distributable Earnings	$	1,676,025	$	1,386,925	$	2,090,936	$	1,368,472	$	1,501,798
Additional Metrics:
Segment Revenues	$	2,639,780	$	2,238,984	$	3,415,815	$	2,258,481	$	2,575,485
Total Assets Under Management		93,917,824	101,963,652	115,340,363	136,247,229	163,156,064
Fee-Earning Assets Under Management		67,345,357		72,030,054		83,984,824		93,252,724	128,214,137
Weighted-AverageFee-Earning AUM		63,722,064		67,503,830		74,421,496		89,079,874	106,601,107
Inflows		29,473,697		19,047,473		23,844,270		31,478,431		34,190,566
Capital Invested		16,603,472		11,176,257		19,882,215		18,726,374		22,458,025
Realizations		21,016,540		17,926,238		24,527,951		14,675,095		18,097,899

Blackstone | 7

Private Equity

($ in thousands)		2015		2016		2017		2018		2019
Management and Advisory Fees, Net
Base Management Fees	$	502,640	$	555,593	$	724,818	$	785,223	$	986,482
Transaction, Advisory and Other Fees, Net		46,819		39,283		57,624		58,165		115,174
Management Fee Offsets		(36,760)		(34,810)		(18,007)		(13,504)		(37,327)
Total Management and Advisory Fees, Net		512,699		560,066		764,435		829,884		1,064,329
Fee Related Compensation		(270,337)		(298,149)		(347,562)		(375,446)		(423,752)
Other Operating Expenses		(142,985)		(130,685)		(120,997)		(133,096)		(160,010)
Fee Related Earnings	$	99,377	$	131,232	$	295,876	$	321,342	$	480,567
Realized Performance Revenues		1,474,987		245,268		1,157,188		757,406		468,992
Realized Performance Compensation		(256,922)		(110,882)		(404,544)		(318,167)		(192,566)
Realized Principal Investment Income		189,649		73,377		154,837		109,731		90,249
Total Net Realizations		1,407,714		207,763		907,481		548,970		366,675
Segment Distributable Earnings	$	1,507,091	$	338,995	$	1,203,357	$	870,312	$	847,242
Additional Metrics:
Segment Revenues	$	2,177,335	$	878,711	$	2,076,460	$	1,697,021	$	1,623,570
Total Assets Under Management		94,280,074	100,189,994	105,560,576	130,665,286	182,886,109
Fee-Earning Assets Under Management		51,451,196		69,110,457		70,140,883		80,008,166		97,773,964
Weighted-AverageFee-Earning AUM		51,008,387		66,103,146		68,739,122		75,911,259		91,366,067
Inflows		30,034,911		16,845,959		12,631,106		26,639,963		56,836,570
Capital Invested		11,415,471		7,911,511		20,179,009		16,651,366		26,601,418
Realizations		13,493,163		14,221,866		15,760,727		10,396,611		13,540,914

Blackstone | 8

Hedge Fund Solutions

($ in thousands)		2015		2016		2017		2018		2019
Management Fees, Net
Base Management Fees	$	524,386	$	521,736	$	516,048	$	519,782	$	556,730
Transaction and Other Fees, Net		317		1,061		2,980		3,180		3,533
Management Fee Offsets		171		-		(93)		(93)		(138)
Total Management Fees, Net		524,874		522,797		518,935		522,869		560,125
Fee Related Compensation		(145,906)		(153,645)		(146,924)		(162,172)		(151,960)
Other Operating Expenses		(63,468)		(75,870)		(68,265)		(77,772)		(81,999)
Fee Related Earnings	$	315,500	$	293,282	$	303,746	$	282,925	$	326,166
Realized Performance Revenues		68,197		42,177		154,343		42,419		126,576
Realized Performance Compensation		(22,640)		(15,029)		(40,707)		(21,792)		(24,301)
Realized Principal Investment Income (Loss)		(12,741)		(7,224)		9,074		17,039		21,707
Total Net Realizations		32,816		19,924		122,710		37,666		123,982
Segment Distributable Earnings	$	348,316	$	313,206	$	426,456	$	320,591	$	450,148
Additional Metrics:
Segment Revenues	$	580,330	$	557,750	$	682,352	$	582,327	$	708,408
Total Assets Under Management		69,105,425		71,119,718		75,090,834		77,814,516		80,738,112
Fee-Earning Assets Under Management		65,665,439		66,987,553		69,914,061		72,280,606		75,636,004
Weighted-AverageFee-Earning AUM		65,203,649		66,585,721		69,568,964		73,993,826		75,091,879
Inflows		11,040,950		10,782,839		12,106,471		13,278,327		12,242,855
Capital Invested		252,368		774,443		961,569		1,701,967		3,704,352
Realizations		554,584		436,973		2,409,985		471,931		1,271,968

Blackstone | 9

Credit & Insurance

($ in thousands)		2015		2016		2017		2018		2019
Management Fees, Net
Base Management Fees	$	500,982	$	525,289	$	567,334	$	553,921	$	586,535
Transaction and Other Fees, Net		6,371		9,190		13,431		15,640		19,882
Management Fee Offsets		(30,065)		(37,512)		(32,382)		(12,332)		(11,813)
Total Management Fees, Net		477,288		496,967		548,383		557,229		594,604
Fee Related Performance Revenues		90,660		83,252		89,945		(666)		13,764
Fee Related Compensation		(215,442)		(223,313)		(253,842)		(219,098)		(229,607)
Other Operating Expenses		(66,879)		(87,700)		(99,562)		(131,200)		(160,801)
Fee Related Earnings	$	285,627	$	269,206	$	284,924	$	206,265	$	217,960
Realized Performance Revenues		114,892		43,210		194,902		96,962		32,737
Realized Performance Compensation		(62,779)		(22,199)		(100,834)		(53,863)		(12,972)
Realized Principal Investment Income		7,186		11,004		16,380		16,763		32,466
Total Net Realizations		59,299		32,015		110,448		59,862		52,231
Segment Distributable Earnings	$	344,926	$	301,221	$	395,372	$	266,127	$	270,191
Additional Metrics:
Segment Revenues	$	690,026	$	634,433	$	849,610	$	670,288	$	673,571
Total Assets Under Management		79,081,252		93,280,101	138,136,470	127,515,286	144,342,178
Fee-Earning Assets Under Management		61,684,380		68,964,608	111,304,230		96,986,011	106,450,747
Weighted-AverageFee-Earning AUM		60,444,233		64,793,926		76,387,411		99,834,053	102,357,304
Inflows		23,035,118		22,984,504		59,373,876		29,578,890		31,107,288
Capital Invested		4,083,999		3,413,199		9,655,670		7,635,792		10,184,635
Realizations		7,605,824		6,798,762		12,487,834		8,516,996		7,291,045

Blackstone | 10

Financial Advisory

($ in thousands)		2015		2016		2017		2018		2019
Management and Advisory Fees, Net
Transaction, Advisory and Other Fees, Net	$	297,732	$	-	$	-	$	-	$	-
Total Management and Advisory Fees, Net		297,732		-		-		-		-
Fee Related Compensation		(153,653)		-		-		-		-
Other Operating Expenses		(49,730)		-		-		-		-
Fee Related Earnings	$	94,349	$	-	$	-	$	-	$	-
Realized Principal Investment Income (Loss)		(868)		-		-		-		-
Total Net Realizations		(868)		-		-		-		-
Segment Distributable Earnings	$	93,481	$	-	$	-	$	-	$	-
Additional Metrics:
Segment Revenues	$	296,864	$	-	$	-	$	-	$	-

Note: On October 1, 2015 Blackstone spun-off its Financial Advisory business, which did not include Blackstone's capital markets services business. The results of Blackstone's capital markets services business have been reclassified from the Financial Advisory segment to the Private Equity segment. All prior periods have been recast to reflect this reclassification.

Blackstone | 11

GAAP - Consolidated Statements of Operations

																												Last Twelve Months
($ in thousands)		1Q'17		2Q'17		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		1Q'19		1Q'20
Revenues
Management and Advisory Fees, Net	$	645,484	$	690,857	$	685,922	$	729,059	$	728,849	$	721,384	$	780,009	$	797,554	$	809,726	$	840,378	$	878,151	$	943,900	$	934,832	$	3,108,673	$	3,597,261
Incentive Fees		46,511		40,303		35,513		120,187		12,566		19,378		9,799		15,797		12,132		21,915		8,254		87,610		12,161		57,106		129,940
Investment Income (Loss)
Performance Allocations
Realized		1,111,905		602,662		434,982		1,422,262		269,640		503,376		592,103		511,388		242,375		332,520		446,550		717,555		167,530		1,849,242		1,664,155
Unrealized		(124,621)		95,532		406,649		(483,033)		628,089		440,351		299,238		(806,305)		663,999		157,732		176,370		128,231		(3,453,081)		597,283		(2,990,748)
Principal Investments
Realized		251,344		125,058		74,805		184,562		42,145		129,197		134,619		109,901		73,261		145,040		74,642		100,535		48,695		446,978		368,912
Unrealized		(40,188)		7,275		96,085		(20,567)		111,774		103,468		52,840		(218,165)		169,044		(37,345)		15,391		67,913		(959,365)		107,187		(913,406)
Total Investment Income (Loss)		1,198,440		830,527		1,012,521		1,103,224		1,051,648		1,176,392		1,078,800		(403,181)		1,148,679		597,947		712,953		1,014,234		(4,196,221)		3,000,690		(1,871,087)
Interest and Dividend Revenue		28,495		33,703		36,974		40,524		35,385		40,073		48,604		47,885		44,084		43,686		42,482		52,146		35,084		180,646		173,398
Other		(4,212)		(59,664)		(35,572)		(33,781)		(59,317)		675,343		9,368		46,923		10,250		(17,120)		93,273		(6,410)		138,180		741,884		207,923
Total Revenues	$	1,914,718	$	1,535,726	$	1,735,358	$	1,959,213	$	1,769,131	$	2,632,570	$	1,926,580	$	504,978	$	2,024,871	$	1,486,806	$	1,735,113	$	2,091,480	$	(3,075,964)	$	7,088,999	$	2,237,435
Expenses
Compensation and Benefits
Compensation		351,589		367,203		359,209		364,484		389,403		427,479		419,285		373,790		471,397		438,521		462,766		447,646		476,543		1,691,951		1,825,476
Incentive Fee Compensation		22,465		21,032		18,332		43,450		6,662		9,743		7,251		10,260		5,406		8,886		5,419		24,589		6,522		32,660		45,416
Performance Allocations Compensation
Realized		366,478		195,738		162,505		557,244		112,062		186,398		200,442		212,174		86,395		125,825		155,663		295,059		72,423		685,409		648,970
Unrealized		7,533		86,910		175,534		(166,183)		254,435		189,991		178,184		(302,868)		287,015		64,518		94,907		93,845		(1,397,378)		352,322		(1,144,108)
Total Compensation and Benefits		748,065		670,883		715,580		798,995		762,562		813,611		805,162		293,356		850,213		637,750		718,755		861,139		(841,890)		2,762,342		1,375,754
General, Administrative and Other		109,386		119,552		121,036		138,608		126,713		145,828		168,813		153,519		146,062		175,308		171,067		186,971		157,566		614,222		690,912
Interest Expense		40,246		41,089		41,545		74,606		38,671		39,320		41,355		44,644		42,002		43,596		53,362		60,688		41,644		167,321		199,290
Fund Expenses		24,076		49,669		26,350		32,692		54,985		17,622		2,302		3,577		2,887		5,586		4,036		5,229		4,605		26,388		19,456
Total Expenses	$	921,773	$	881,193	$	904,511	$	1,044,901	$	982,931	$	1,016,381	$	1,017,632	$	495,096	$	1,041,164	$	862,240	$	947,220	$	1,114,027	$	(638,075)	$	3,570,273	$	2,285,412
Other Income
Change in Tax Receivable Agreement Liability		-		-		-		403,855		-		-		-		-		-		-		174,606		(13,039)		(595)		-		160,972
Net Gains (Loss) from Fund Investment Activities		66,132		110,054		63,448		81,963		110,599		73,519		66,838		(59,234)		130,325		61,131		48,450		42,923		(327,374)		211,448		(174,870)
Income (Loss) Before Provision (Benefit) for Taxes	$	1,059,077	$	764,587	$	894,295	$	1,400,130	$	896,799	$	1,689,708	$	975,786	$	(49,352)	$	1,114,032	$	685,697	$	1,010,949	$	1,007,337	$	(2,765,858)	$	3,730,174	$	(61,875)
Provision (Benefit) for Taxes		57,437		29,608		59,512		596,590		54,495		138,731		26,798		29,366		41,155		38,736		(156,786)		28,943		(158,703)		236,050		(247,810)
Net Income (Loss)	$	1,001,640	$	734,979	$	834,783	$	803,540	$	842,304	$	1,550,977	$	948,988	$	(78,718)	$	1,072,877	$	646,961	$	1,167,735	$	978,394	$	(2,607,155)	$	3,494,124	$	185,935
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests		2,000		991		3,215		7,600		(1,275)		905		2,569		(4,303)		2,480		1,095		(8)		(3,688)		(15,469)		1,651		(18,070)
in Consolidated Entities

Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings

138,685	112,944	113,446	132,364	155,499	129,078	143,101	(68,800)	186,833	80,744	88,406	120,796	(645,077)	390,212	(355,131)
409,046	283,637	340,202	359,438	320,208	678,952	360,576	5,253	402,260	259,330	299,900	378,137	(880,117)	1,447,041	57,250

Net Income (Loss) Attributable to The Blackstone Group Inc. ("BX")

$

451,909

$

337,407

$

377,920

$

304,138

$

367,872

$

742,042

$

442,742

$

(10,868)

$

481,304

$

305,792

$

779,437

$

483,149

$ (1,066,492)

$ 1,655,220

$

501,886

Blackstone | 12

GAAP - Consolidated Statements of Operations

($ in thousands)		2015		2016		2017		2018		2019
Revenues
Management and Advisory Fees, Net	$	2,566,449	$	2,464,290	$	2,751,322	$	3,027,796	$	3,472,155
Incentive Fees		168,554		149,928		242,514		57,540		129,911
Investment Income (Loss)
Performance Allocations
Realized		3,229,974		1,495,439		3,571,811		1,876,507		1,739,000
Unrealized		(1,589,686)		530,114		(105,473)		561,373		1,126,332
Principal Investments
Realized		555,171		278,737		635,769		415,862		393,478
Unrealized		(350,529)		77,314		42,605		49,917		215,003
Total Investment Income		1,844,930		2,381,604		4,144,712		2,903,659		3,473,813
Interest and Dividend Revenue		94,957		95,724		139,696		171,947		182,398
Other		7,782		54,753		(133,229)		672,317		79,993
Total Revenues	$	4,682,672	$	5,146,299	$	7,145,015	$	6,833,259	$	7,338,270
Expenses
Compensation and Benefits
Compensation		1,726,191		1,335,408		1,442,485		1,609,957		1,820,330
Incentive Fee Compensation		77,291		68,921		105,279		33,916		44,300
Performance Allocations Compensation
Realized		802,455		465,129		1,281,965		711,076		662,942
Unrealized		(309,422)		333,528		103,794		319,742		540,285
Total Compensation and Benefits		2,296,515		2,202,986		2,933,523		2,674,691		3,067,857
General, Administrative and Other		600,047		541,624		488,582		594,873		679,408
Interest Expense		144,522		152,654		197,486		163,990		199,648
Fund Expenses		79,499		52,181		132,787		78,486		17,738
Total Expenses	$	3,120,583	$	2,949,445	$	3,752,378	$	3,512,040	$	3,964,651
Other Income
Change in Tax Receivable Agreement Liability		82,707		-		403,855		-		161,567
Net Gains from Fund Investment Activities		176,364		184,750		321,597		191,722		282,829
Income Before Provision (Benefit) for Taxes	$	1,821,160	$	2,381,604	$	4,118,089	$	3,512,941	$	3,818,015
Provision (Benefit) for Taxes		190,398		132,362		743,147		249,390		(47,952)
Net Income	$	1,630,762	$	2,249,242	$	3,374,942	$	3,263,551	$	3,865,967
Net Income (Loss) Attributable to Redeemable		11,145		3,977		13,806		(2,104)		(121)
Non-Controlling Interests in Consolidated Entities
Net Income Attributable to Non-Controlling Interests		219,900		246,152		497,439		358,878		476,779
in Consolidated Entities
Net Income Attributable to Non-Controlling Interests		686,529		960,099		1,392,323		1,364,989		1,339,627
in Blackstone Holdings
Net Income Attributable to The Blackstone Group Inc. ("BX")	$	713,188	$	1,039,014	$	1,471,374	$	1,541,788	$	2,049,682

Blackstone | 13

Reconciliation of GAAP to Non-GAAP Measures

																											Last Twelve Months
($ in thousands)		1Q'17		2Q'17		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19	1Q'20		1Q'19		1Q'20
Net Income (Loss) Attributable to The Blackstone Group Inc.	$	451,909	$	337,407	$	377,920	$	304,138	$	367,872	$	742,042	$	442,742	$	(10,868)	$	481,304	$	305,792	$	779,437	$	483,149	$ (1,066,492)	$	1,655,220	$	501,886

Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings

Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities

409,046	283,637	340,202	359,438	320,208	678,952	360,576	5,253	402,260	259,330	299,900	378,137	(880,117)	1,447,041	57,250
138,685	112,944	113,446	132,364	155,499	129,078	143,101	(68,800)	186,833	80,744	88,406	120,796	(645,077)	390,212	(355,131)

Net Income (Loss) Attributable to Redeemable
Non-Controlling Interests in Consolidated Entities		2,000		991		3,215		7,600		(1,275)		905		2,569		(4,303)		2,480		1,095		(8)		(3,688)		(15,469)		1,651		(18,070)
Net Income (Loss)	$	1,001,640	$	734,979	$	834,783	$	803,540	$	842,304	$	1,550,977	$	948,988	$	(78,718)	$	1,072,877	$	646,961	$	1,167,735	$	978,394	$	(2,607,155)	$	3,494,124	$	185,935
Provision (Benefit) for Taxes		57,437		29,608		59,512		596,590		54,495		138,731		26,798		29,366		41,155		38,736		(156,786)		28,943		(158,703)		236,050		(247,810)
Income (Loss) Before Provision (Benefit) for Taxes	$	1,059,077	$	764,587	$	894,295	$	1,400,130	$	896,799	$	1,689,708	$	975,786	$	(49,352)	$	1,114,032	$	685,697	$	1,010,949	$	1,007,337	$	(2,765,858)	$	3,730,174	$	(61,875)
Transaction-Related Charges (a)		56,979		57,831		55,714		(347,055)		52,489		(470,078)		79,242		76,431		89,451		106,994		(82,547)		94,715		46,994		(224,954)		166,156
Amortization of Intangibles (b)		11,344		11,344		11,344		14,265		14,873		14,873		14,856		15,392		16,483		16,483		16,483		16,482		16,483		61,604		65,931
Impact of Consolidation (c)		(140,685)		(113,935)		(116,661)		(139,964)		(154,224)		(129,983)		(145,670)		73,103		(189,313)		(81,839)		(88,398)		(117,108)		660,546		(391,863)		373,201
Unrealized Performance Revenues (d)		124,078		(95,707)		(407,425)		484,486		(628,339)		(440,424)		(298,931)		806,531		(664,333)		(157,398)		(176,604)		(128,333)		3,453,446		(597,157)		2,991,111
Unrealized Performance Allocations Compensation (e)		7,533		86,910		175,534		(166,183)		254,435		189,991		178,184		(302,868)		287,015		64,518		94,907		93,845		(1,397,378)		352,322		(1,144,108)
Unrealized Principal Investment (Income) Loss (f)		98,935		33,167		(17,384)		16,488		(13,978)		(52,126)		(28,704)		160,659		(139,925)		56,353		5,219		(34,974)		616,610		(60,096)		643,208
Other Revenues (g)		8,287		62,469		34,144		35,151		60,894		(94,416)		(9,092)		(46,854)		(13,189)		20,150		(92,843)		6,435		(138,151)		(163,551)		(204,409)
Equity-Based Compensation (h)		29,914		27,990		27,810		21,396		44,148		34,394		36,576		43,102		66,776		53,105		58,570		51,743		87,472		180,848		250,890
Taxes and Related Payables (i)		(25,324)		(53,291)		(31,805)		(79,568)		(25,042)		(41,797)		(32,963)		(54,063)		(29,039)		(55,201)		(35,815)		(76,104)		(23,053)		(157,862)		(190,173)
Distributable Earnings	$	1,230,138	$	781,365	$	625,566	$	1,239,146	$	502,055	$	700,142	$	769,284	$	722,081	$	537,958	$	708,862	$	709,921	$	914,038	$	557,111	$	2,729,465	$	2,889,932
Taxes and Related Payables (i)		25,324		53,291		31,805		79,568		25,042		41,797		32,963		54,063		29,039		55,201		35,815		76,104		23,053		157,862		190,173
Net Interest (Income) Loss (j)		10,954		6,591		2,864		29,509		1,853		(2,842)		(9,013)		(11,923)		(5,061)		(2,761)		7,767		2,496		3,941		(28,839)		11,443
Total Segment Distributable Earnings	$	1,266,416	$	841,247	$	660,235	$	1,348,223	$	528,950	$	739,097	$	793,234	$	764,221	$	561,936	$	761,302	$	753,503	$	992,638	$	584,105	$	2,858,488	$	3,091,548
Realized Performance Revenues (k)		(1,131,245)		(615,043)		(404,721)		(1,496,798)		(278,371)		(477,544)		(572,159)		(483,697)		(246,769)		(341,386)		(420,840)		(651,647)		(167,233)		(1,780,169)		(1,581,106)
Realized Performance Compensation (l)		373,978		201,526		148,808		573,299		114,829		172,894		190,773		199,645		85,240		125,466		143,870		249,359		71,302		648,552		589,997
Realized Principal Investment Income (m)		(202,894)		(100,887)		(60,188)		(72,225)		(28,693)		(94,647)		(65,620)		(47,098)		(25,908)		(123,557)		(36,148)		(38,542)		(20,290)		(233,273)		(218,537)
Fee Related Earnings	$	306,255	$	326,843	$	344,134	$	352,499	$	336,715	$	339,800	$	346,228	$	433,071	$	374,499	$	421,825	$	440,385	$	551,808	$	467,884	$	1,493,598	$	1,881,902
Adjusted EBITDA Reconciliation
Distributable Earnings	$	1,230,138	$	781,365	$	625,566	$	1,239,146	$	502,055	$	700,142	$	769,284	$	722,081	$	537,958	$	708,862	$	709,921	$	914,038	$	557,111	$	2,729,465	$	2,889,932
Interest Expense (n)		39,450		40,294		40,749		72,345		38,238		38,885		40,923		41,792		41,638		43,230		52,815		57,351		41,540		163,238		194,936
Taxes and Related Payables (i)		25,324		53,291		31,805		79,568		25,042		41,797		32,963		54,063		29,039		55,201		35,815		76,104		23,053		157,862		190,173
Depreciation and Amortization		6,216		6,392		6,027		6,593		6,251		5,986		5,681		5,964		5,789		6,000		6,895		7,666		7,512		23,420		28,073
Adjusted EBITDA	$	1,301,128	$	881,342	$	704,147	$	1,397,652	$	571,586	$	786,810	$	848,851	$	823,900	$	614,424	$	813,293	$	805,446	$	1,055,159	$	629,216	$	3,073,985	$	3,303,114

See Reconciliation of GAAP to Non-GAAP Measures - Notes.

Blackstone | 14

Reconciliation of GAAP to Non-GAAP Measures

($ in thousands)		2015	2016	2017	2018	2019
Net Income Attributable to The Blackstone Group Inc.	$	713,188	$ 1,039,014	$ 1,471,374	$ 1,541,788	$ 2,049,682
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		686,529	960,099	1,392,323	1,364,989	1,339,627
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		219,900	246,152	497,439	358,878	476,779
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests
in Consolidated Entities		11,145	3,977	13,806	(2,104)	(121)
Net Income	$	1,630,762	$ 2,249,242	$ 3,374,942	$ 3,263,551	$ 3,865,967
Provision (Benefit) for Taxes		190,398	132,362	743,147	249,390	(47,952)
Income Before Provision (Benefit) for Taxes	$	1,821,160	$ 2,381,604	$ 4,118,089	$ 3,512,941	$ 3,818,015
Transaction-Related Charges (a)		489,563	264,937	(176,531)	(261,916)	208,613
Amortization of Intangibles (b)		104,530	84,466	48,297	59,994	65,931
Impact of Consolidation (c)		(231,045)	(250,129)	(511,245)	(356,774)	(476,658)
Unrealized Performance Revenues (d)		1,590,369	(530,120)	105,432	(561,163)	(1,126,668)
Unrealized Performance Allocations Compensation (e)		(309,422)	333,528	103,794	319,742	540,285
Unrealized Principal Investment (Income) Loss (f)		365,959	(20,421)	131,206	65,851	(113,327)
Other Revenues (g)		(8,500)	(54,712)	140,051	(89,468)	(79,447)
Equity-Based Compensation (h)		103,044	79,571	107,110	158,220	230,194
Taxes and Related Payables (i)		(90,470)	(167,149)	(189,988)	(153,865)	(196,159)
Distributable Earnings	$	3,835,188	$ 2,121,575	$ 3,876,215	$ 2,693,562	$ 2,870,779
Taxes and Related Payables (i)		90,470	167,149	189,988	153,865	196,159
Net Interest (Income) Loss (j)		44,181	51,623	49,918	(21,925)	2,441
Total Segment Distributable Earnings	$	3,969,839	$ 2,340,347	$ 4,116,121	$ 2,825,502	$ 3,069,379
Realized Performance Revenues (k)		(3,299,503)	(1,545,586)	(3,647,807)	(1,811,771)	(1,660,642)
Realized Performance Compensation (l)		829,838	483,257	1,297,611	678,141	603,935
Realized Principal Investment Income (m)		(418,808)	(199,869)	(436,194)	(236,058)	(224,155)
Fee Related Earnings	$	1,081,366	$ 1,078,149	$ 1,329,731	$ 1,455,814	$ 1,788,517
Adjusted EBITDA Reconciliation
Distributable Earnings	$	3,835,188	$ 2,121,575	$ 3,876,215	$ 2,693,562	$ 2,870,779
Interest Expense (n)		139,842	148,022	192,838	159,838	195,034
Taxes and Related Payables (i)		90,470	167,149	189,988	153,865	196,159
Depreciation and Amortization		27,213	31,971	25,228	23,882	26,350
Adjusted EBITDA	$	4,092,713	$ 2,468,717	$ 4,284,269	$ 3,031,147	$ 3,288,322

See Reconciliation of GAAP to Non-GAAP Measures - Notes.

Blackstone | 15

Reconciliation of GAAP to Non-GAAP Measures - Notes

Note: See Definitions.

1. This adjustment removes Transaction-Related Charges, which are excluded from Blackstone's segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone's initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.
2. This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone's segment presentation.
   This amount includes amortization of intangibles associated with Blackstone's investment in Pátria, which is accounted for under the equity method.
3. This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone's segment presentation. This adjustment includes the elimination of Blackstone's interest in these funds and the removal of amounts associated with the ownership of
   Blackstone consolidated operating partnerships held by non-controlling interests.
4. This adjustment removes Unrealized Performance Revenues on a segment basis.
5. This adjustment removes Unrealized Performance Allocations Compensation.
6. This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.
7. This adjustment removes Other Revenues on a segment basis.
8. This adjustment removes Equity-Based Compensation on a segment basis.
9. Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss)
   Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement.
10. This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis.
11. This adjustment removes the total segment amounts of Realized Performance Revenues.
12. This adjustment removes the total segment amounts of Realized Performance Compensation.
13. This adjustment removes the total segment amount of Realized Principal Investment Income.
14. This adjustment adds back Interest Expense on a segment basis.

Blackstone | 16

Assets Under Management - Rollforward

Total AUM Rollforward

($ in millions)

				Three Months Ended March 31, 2020								Twelve Months Ended March 31, 2020
		Real		Private	Hedge Fund		Credit &		Total				Real		Private	Hedge Fund		Credit &		Total
		Estate		Equity		Solutions	Insurance					Estate		Equity		Solutions	Insurance
Beginning Balance	$	163,156	$	182,886	$	80,738	$	144,342	$	571,122	$	140,334	$	158,989	$	80,183	$	132,272	$	511,778
Inflows		12,653		8,869		3,247		2,544		27,313				41,810		37,234		12,921		26,818		118,783
Outflows		(794)		(398)		(2,881)		(2,841)		(6,915)				(2,308)		(1,221)		(14,207)		(9,915)		(27,652)
Net Flows		11,859		8,470		365		(297)		20,398				39,502		36,013		(1,287)		16,903		91,131
Realizations		(2,519)		(2,031)		(139)		(1,700)		(6,389)				(17,559)		(11,829)		(1,224)		(7,718)		(38,330)
Market Activity		(11,562)		(14,629)		(7,244)		(13,689)		(47,124)				(1,342)		(8,477)		(3,951)		(12,801)		(26,571)
Ending Balance	$	160,935	$	174,696	$	73,721	$	128,656	$	538,007			$	160,935	$	174,696	$	73,721	$	128,656	$	538,007
% Change		(1)%		(4)%		(9)%		(11)%		(6)%				15%		10%		(8)%		(3)%		5%
Fee-Earning AUM Rollforward
($ in millions)
				Three Months Ended March 31, 2020								Twelve Months Ended March 31, 2020
		Real		Private	Hedge Fund		Credit &		Total				Real		Private	Hedge Fund		Credit &		Total
		Estate		Equity		Solutions	Insurance					Estate		Equity		Solutions	Insurance
Beginning Balance	$	128,214	$	97,774	$	75,636	$	106,451	$	408,075	$	94,223	$	85,447	$	73,647	$	99,676	$	352,993
Inflows		9,429		35,326		2,367		3,636		50,758				59,120		53,924		12,221		20,839		146,104
Outflows		(1,011)		(3,612)		(2,652)		(2,741)		(10,016)				(10,436)		(5,237)		(12,513)		(8,566)		(36,752)
Net Flows		8,418		31,714		(285)		895		40,742				48,683		48,687		(293)		12,273		109,351
Realizations		(2,698)		(925)		(135)		(1,430)		(5,188)				(11,838)		(5,577)		(1,124)		(6,092)		(24,631)
Market Activity		(3,510)		(261)		(7,002)		(9,800)		(20,573)				(644)		(256)		(4,016)		(9,742)		(14,658)
Ending Balance	$	130,424	$	128,301	$	68,214	$	96,115	$	423,055			$	130,424	$	128,301	$	68,214	$	96,115	$	423,055
% Change		2%		31%		(10)%		(10)%		4%				38%		50%		(7)%		(4)%		20%

Inflows include contributions, capital raised, other increases in available capital, purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and other decreases in available capital. Realizations represent realizations from the disposition of assets. Market Activity represents gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.

Blackstone | 17

Investment Records as of March 31, 2020(a)

($ in thousands, except where noted)		Committed		Available		Unrealized Investments			Realized Investments		Total Investments	Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date)		Capital		Capital (b)		Value	MOIC (c)	% Public		Value	MOIC (c)		Value	MOIC (c)	Realized	Total
Real Estate
Pre-BREP	$	140,714	$	-	$	-	n/a	-	$	345,190	2.5x	$	345,190	2.5x	33%	33%
BREP I (Sep 1994 / Oct 1996)		380,708		-		-	n/a	-		1,327,708	2.8x		1,327,708	2.8x	40%	40%
BREP II (Oct 1996 / Mar 1999)		1,198,339		-		-	n/a	-		2,531,614	2.1x		2,531,614	2.1x	19%	19%
BREP III (Apr 1999 / Apr 2003)		1,522,708		-		-	n/a	-		3,330,406	2.4x		3,330,406	2.4x	21%	21%
BREP IV (Apr 2003 / Dec 2005)		2,198,694		-		50,342	0.1x	25%		4,521,164	2.2x		4,571,506	1.7x	28%	12%
BREP V (Dec 2005 / Feb 2007)		5,539,418		-		150,992	0.6x	37%		13,040,016	2.4x		13,191,008	2.3x	12%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,444		-		646,626	2.3x	73%		27,045,357	2.5x		27,691,983	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,496,823		1,874,491		6,063,694	1.4x	7%		22,735,792	2.1x		28,799,486	1.9x	22%	15%
BREP VIII (Apr 2015 / Jun 2019)		16,545,433		3,052,617		16,560,812	1.3x	-		7,110,842	1.7x		23,671,654	1.4x	26%	12%
*BREP IX (Jun 2019 / Dec 2024)		20,891,657		16,015,834		4,813,344	1.0x	17%		140,918	1.8x		4,954,262	1.0x	n/m	n/m
Total Global BREP	$	72,974,938	$	20,942,942	$	28,285,810	1.2x	6%	$	82,129,007	2.2x	$	110,414,817	1.9x	18%	15%
BREP Int'l (Jan 2001 / Sep 2005)	€	824,172	€	-	€	-	n/a	-	€	1,373,170	2.1x	€	1,373,170	2.1x	23%	23%
BREP Int'l II (Sep 2005 / Jun 2008) (e)		1,629,748		-		3,566	n/a	-		2,572,920	1.8x		2,576,486	1.8x	8%	8%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,167		469,493		446,619	0.7x	-		5,737,320	2.5x		6,183,939	2.1x	20%	14%
BREP Europe IV (Sep 2013 / Dec 2016)		6,709,145		1,351,071		2,742,370	1.4x	-		8,988,619	2.0x		11,730,989	1.8x	23%	16%
BREP Europe V (Dec 2016 / Oct 2019)		7,945,251		1,762,669		7,309,063	1.2x	-		721,076	2.7x		8,030,139	1.3x	53%	9%
*BREP Europe VI (Oct 2019 / Apr 2025)		9,797,734		8,833,563		994,596	1.0x	24%		-	n/a		994,596	1.0x	n/m	n/m
Total BREP Europe	€	30,111,217	€	12,416,796	€	11,496,214	1.2x	2%	€	19,393,105	2.1x	€	30,889,319	1.6x	16%	13%
BREP Asia I (Jun 2013 / Dec 2017)	$	5,096,753	$	1,728,262	$	3,186,403	1.3x	13%	$	4,072,708	1.9x	$	7,259,111	1.6x	21%	12%
*BREP Asia II (Dec 2017 / Jun 2023)		7,302,307		4,768,630		2,657,881	1.1x	-		120,378	1.6x		2,778,259	1.1x	n/m	(2)%
BREP Co-Investment (f)		7,055,974		170,047		1,535,066	2.1x	-		13,284,359	2.1x		14,819,425	2.1x	15%	16%
Total BREP	$	125,853,226	$	41,306,848	$	48,901,532	1.2x	5%	$	124,071,007	2.2x	$	172,972,539	1.8x	17%	15%
*Core+ BPP (Various) (g)		n/a		n/a		31,614,603	n/a	-		6,726,049	n/a		38,340,652	n/a	n/m	8%
*Core+ BREIT (Various) (h)		n/a		n/a		16,287,116	n/a	-		353,170	n/a		16,640,286	n/a	n/m	6%
*BREDS High-Yield (Various) (i)		16,528,666		7,240,067		2,692,832	1.0x	-		12,248,508	1.3x		14,941,340	1.2x	11%	9%
Private Equity
Corporate Private Equity
BCP I (Oct 1987 / Oct 1993)	$	859,081	$	-	$	-	n/a	-	$	1,741,738	2.6x	$	1,741,738	2.6x	19%	19%
BCP II (Oct 1993 / Aug 1997)		1,361,100		-		-	n/a	-		3,256,819	2.5x		3,256,819	2.5x	32%	32%
BCP III (Aug 1997 / Nov 2002)		3,967,422		-		-	n/a	-		9,184,688	2.3x		9,184,688	2.3x	14%	14%
BCOM (Jun 2000 / Jun 2006)		2,137,330		24,575		13,571	n/a	-		2,953,649	1.4x		2,967,220	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		197,294		182,216	2.5x	-		21,417,821	2.9x		21,600,037	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,013,658		1,039,805		547,749	0.5x	37%		37,166,513	1.9x		37,714,262	1.9x	9%	8%
BCP VI (Jan 2011 / May 2016)		15,192,985		1,462,121		8,803,625	1.2x	37%		15,459,280	2.0x		24,262,905	1.6x	18%	9%
BCP VII (May 2016 / Feb 2020)		18,814,389		3,712,977		16,769,010	1.2x	n/m		1,684,779	1.8x		18,453,789	1.2x	47%	9%
*BCP VIII (Feb 2020 / Feb 2026)		25,519,504		25,519,504		-	n/a	-		-	n/a		-	n/a	n/a	n/a
Energy I (Aug 2011 / Feb 2015)		2,435,454		204,075		821,842	0.8x	45%		2,744,575	1.9x		3,566,417	1.5x	17%	8%
Energy II (Feb 2015 / Feb 2020)		4,918,748		328,306		3,017,136	0.7x	7%		309,888	2.0x		3,327,024	0.7x	64%	(24)%
*Energy III (Feb 2020 / Feb 2026)		4,218,419		3,588,893		(82,173)	n/m	n/m		-	n/a		(82,173)	n/m	n/a	n/a
*BCP Asia (Dec 2017 / Dec 2023)		2,421,776		1,303,205		1,013,043	1.3x	1%		54,308	1.7x		1,067,351	1.3x	88%	15%
*Core Private Equity (Jan 2017 / Jan 2021) (j)		4,756,716		1,384,441		4,079,837	1.2x	-		418,053	1.6x		4,497,890	1.2x	36%	10%
Total Corporate Private Equity	$	114,389,764	$	38,765,196	$	35,165,856	1.1x	11%	$	96,392,111	2.1x	$	131,557,967	1.7x	16%	14%
Tactical Opportunities
*Tactical Opportunities (Various)	$	22,572,493	$	8,879,110	$	8,426,422	0.9x	9%	$	9,481,153	1.7x	$	17,907,575	1.2x	18%	5%
*Tactical Opportunities Co-Investment and Other (Various)		8,514,502		2,297,930		5,065,155	1.2x	3%		1,988,734	1.6x		7,053,889	1.3x	23%	11%
Total Tactical Opportunities	$	31,086,995	$	11,177,040	$	13,491,577	1.0x	7%	$	11,469,887	1.7x	$	24,961,464	1.3x	19%	7%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (k)		11,865,053		1,713,744		970,995	n/m	-		16,803,497	n/m		17,774,492	1.5x	n/a	13%
Strategic Partners VI (Apr 2014 / Apr 2016) (k)		4,362,750		1,164,549		1,455,316	n/m	-		3,171,774	n/m		4,627,090	1.5x	n/a	15%
Strategic Partners VII (May 2016 / Mar 2019) (k)		7,489,970		2,438,824		5,397,627	n/m	-		1,754,124	n/m		7,151,751	1.5x	n/a	21%
*Strategic Partners Real Assets II (May 2017 / Mar 2022) (k)		1,749,807		618,582		811,051	n/m	-		349,039	n/m		1,160,090	1.2x	n/a	16%
*Strategic Partners VIII (Mar 2019 / Jul 2023) (k)		10,763,600		5,424,702		3,263,413	n/m	-		80,727	n/m		3,344,140	1.4x	n/a	n/m
*Strategic Partners Real Estate, SMA and Other (Various) (k)		6,840,060		2,189,640		2,553,670	n/m	-		1,256,577	n/m		3,810,247	1.3x	n/a	16%
Total Strategic Partners (Secondaries)	$	43,071,240	$	13,550,041	$	14,452,072	n/m	-	$	23,415,738	n/m	$	37,867,810	1.5x	n/a	14%
*Infrastructure (Various)		13,659,163		11,309,149		2,131,958	0.9x	52%		-	n/a		2,131,958	0.9x	n/a	(18)%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)		910,000		470,576		554,463	1.4x	3%		4,992	1.2x		559,455	1.4x	18%	23%
*BXLS V (Jan 2020 / Jan 2025)		4,270,552		4,037,552		21,803	1.1x	-		-	n/a		21,803	1.1x	n/a	n/m
Credit (l)
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)		2,000,000		97,114		15,513	0.8x	-		4,772,316	1.6x		4,787,829	1.6x	n/a	17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		1,033,255		846,611	0.6x	-		5,474,187	1.6x		6,320,798	1.3x	n/a	9%
*Mezzanine / Opportunistic III (Sep 2016 / Sep 2021)		6,639,133		2,530,761		4,031,200	1.0x	2%		1,905,173	1.6x		5,936,373	1.1x	n/a	6%
Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		76,000		17,897	0.0x	-		5,772,945	1.6x		5,790,842	1.3x	n/a	9%
Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		565,481		928,656	0.5x	-		4,367,226	1.3x		5,295,882	1.0x	n/a	(2)%
*Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		4,495,807		1,702,749	0.8x	1%		990,236	1.4x		2,692,985	0.9x	n/a	(23)%
Energy I (Nov 2015 / Nov 2018)		2,856,867		1,070,297		1,216,670	0.7x	-		1,036,046	1.7x		2,252,716	1.0x	n/a	(3)%
*Energy II (Feb 2019 / Feb 2024)		3,616,081		2,920,584		652,174	0.9x	-		44,826	2.8x		697,000	1.0x	n/a	n/m
Euro
European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	324,426	€	1,601,714	0.9x	2%	€	1,356,846	1.4x	€	2,958,560	1.1x	n/a	2%
*European Senior Debt II (Jun 2019 / Jun 2024)	€	4,088,344	€	3,615,837	€	471,370	1.0x	-	€	-	n/a	€	471,370	1.0x	n/a	n/m
Total Credit	$	41,872,262	$	17,112,933	$	11,686,235	0.8x	1%	$	25,896,535	1.5x	$	37,582,770	1.2x	n/a	7%

Blackstone | 18

Investment Records as of March 31, 2020 - Notes

The returns presented herein represent those of the applicable Blackstone Funds and not those of The Blackstone Group Inc.

n/m	Not meaningful generally due to the limited time since initial investment.
n/a	Not applicable.

1. Excludes investment vehicles where Blackstone does not earn fees.
2. Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments
   to investments.
3. Multiple of Invested Capital ("MOIC") represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.
4. Net Internal Rate of Return ("IRR") represents the annualized inception to March 31, 2020 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date cash flows may differ from the Investment Period Beginning Date.
5. The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR.
6. BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment's realized proceeds and unrealized value, as applicable, after management fees, expenses and
   Performance Revenues.
7. BPP represents the core+ real estate funds which invest with a more modest risk profile and lower leverage. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of these funds.
8. Unrealized Investment Value reflects BREIT's net asset value as of March 31, 2020. Realized Investment Value represents BREIT's cash distributions, net of servicing fees. BREIT net return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date net returns are presented on an annualized basis and are from January 1, 2017. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of this vehicle.
9. BREDS High-Yield represents the flagship real estate debt drawdown funds only and excludes BREDS High-Grade.
10. Blackstone Core Equity Partners is a core private equity fund which invests with a more modest risk profile and longer hold period.
11. Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not meaningful.
    If information is not available on a timely basis, returns are calculated from results that are reported on a three month lag and therefore do not include the impact of economic activities in the current quarter.
12. Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.

Blackstone | 19

Definitions

Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("non-GAAP") in this presentation:

• Segment Distributable Earnings, or "Segment DE", is Blackstone's segment profitability measure used to make operating decisions and assess performance across Blackstone's four segments. Segment DE represents the net realized earnings of Blackstone's segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone's segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone's consolidated Operating Partnerships, removes the amortization of intangible assets and removes Transaction-Related Charges. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
• • Net Realizationsis presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).
  • Total Segment Revenuesand Segment Revenuesrepresent Net Management and Advisory Fees, Fee Related Performance

Realized Performance Revenues and Realized Principal Investment Income.

• Distributable Earnings, or "DE", is derived from Blackstone's segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest Income (Loss) less Taxes and Related Payables. DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
• • Net Interest Income (Loss)is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement.
  • Taxes and Related Payablesrepresent the total GAAP tax provision adjusted to include only the current tax provision

on Income (Loss) Before Provision (Benefit) for Taxes excluding the tax impact of any divestitures and including the Payable under the Tax Receivable Agreement.

• Fee Related Earnings, or "FRE", is a performance measure used to assess Blackstone's ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
• • Fee Related Compensationis presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.
  • Fee Related Performance Revenuesrefers to the realized portion of Performance Revenues from Perpetual Capital that are
  • 1. measured and received on a recurring basis, and (b) not dependent on realization events from the underlying investments.
  • Perpetual Capitalrefers to the component of assets under management with an indefinite term, that is not in liquidation,

there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows. Includes co-investment capital with an investor right to convert into Perpetual Capital.

• Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or "Adjusted EBITDA", is a supplemental measure used to assess performance derived from Blackstone's segment results and may be used to assess its ability to service its borrowings. Adjusted
  EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables, and
  (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
• Performance Revenuescollectively refers to: (a) Incentive Fees, and (b) Performance Allocations.
• Performance Compensationcollectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.
• Transaction-RelatedChargesarise from corporate actions including acquisitions, divestitures, and Blackstone's initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.

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